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IHG Reclaims Pricing Power, Led by U.S. Market | Business Travel News

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“We’ve seen very positive trading conditions in the first quarter with travel demand continuing to increase in almost all of our key markets around the world,” said CEO Keith Barr in a statement released prior to the call.

Despite headwinds in the quarter that included January’s omicron outbreaks in Europe and the United States, as well as lockdowns in China that doused expectations in that region, first-quarter companywide average daily rate trailed 2019 by just half a percentage point.

Speaking specifically about rate, he said, “In March, our hotels in the U.S.

CFO and group head of strategy Paul Edgecliffe-Johnson added more detail to that picture, noting “very encouraging improvement” in meetings and events bookings and performance in the U.S.

“It’s building up to what I think will be a good second quarter, very strong summer of demand with good pricing.

Of the 120 hotels signed, luxury and lifestyle brands account for around 20 percent, and 63.8 percent are in Americas.

…Read the full story

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